Conico : Ryberg 2021 Drilling and Geophysical Results

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ASX Announcement

1st February 2022

Ryberg 2021 Drilling and Geophysical Results

Introduction

This announcement details findings from the 2021 Ryberg Project field season, including drilling and the regional magnetic-radiometric geophysical survey.

The Ryberg Project is 100% owned by Longland Resources Ltd (a wholly owned subsidiary of Conico Ltd), located on the east coast of Greenland and covers an area of 4,521km2. The results of the field season justify that Ryberg is an emerging mineral province containing multiple deposits styles that are synonymous with a large igneous province.

Highlights

Sortekap Prospect:

Drill Geochemistry: Three drill-holes were completed with the majority of assays received. Multiple zones of stringer and vein sulphide, hosted in ultramafic rocks were intersected in SODD001. The presence of mineralised veins lends strong support to further drilling targeting larger concentrations of sulphide melt. Vein-hosted gold was intersected in SODD003. Better intersections included:

SODD001 (Sortekap)

• 11m @ 0.12% Ni & 0.008% Co from 81m
• 11m @ 0.11% Ni & 0.007% Co from 129m
• 8m @ 0.11% Ni & 0.008% Co from 158m
• 12m @ 0.12% Ni & 0.009% Co from 169m
• 28m @.0.18% Ni & 0.011% Co from 187m
• • Including 15m @ 0.23% Ni & 0.013% Co from 195m
• 5m @ 0.15% Ni & 0.007% Co from 221m
• 3m @ 0.17% Ni & 0.008% Co from 234m

SODD003 (Sortekap)

• 1m @ 1.8g/t Au from 12m

Regional geophysics:The magnetic survey has identified the presence of a likely crustal- scale structure (deep seated fault) located near Sortekap. This has implications for nickel mineralisation, with en echelon faults perhaps acting as conduits for sulphide melts. A magnetic high is present at Sortekap and is coincident with mafic and ultramafic rocks that cover an area of 5km2. Further assays are awaited for all three drill-holes.

Conico Ltd

ABN 49 119 057 457

Level 15, 197 St George's Terrace	[phone]	@conico_ltd
Perth, WA 6000	[e-mail]	@ConicoLtd
Australia	www.conico.com.au	conico-limited

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Miki Prospect:

Regional geophysics:The geophysical survey identified two extensive zones of high magnetism that coincide with known occurrences of ultramafic xenoliths (hosted within the Miki Dyke gabbro) and/or surface geochemical anomalies (from historic surface sampling). It is likely that the magnetic highs are represented by ultramafic material that has been transported to surface by the Miki Dyke when it erupted. These locations have not been drill tested and are priorities for this year's field activities.

Drill Geochemistry: Geochemical data from the 2021 drill programme confirms that sulphides intercepted were dominantly unmineralised pyrrhotite and responsible for the electromagnetic conductors. The pyrrhotite is hosted in basement gneiss and is unrelated to the copper/nickel sulphides hosted in the Miki Dyke. It is concluded that the electromagnetic targets were a distraction, and that mineralisation of interest remains untested by drilling.

Cascata Prospect:

Drill Geochemistry: In drill-hole CADD001, two mineralised areas within the black shales intercepted at ~150m and 180m depths with sulphide mineralisation pervasively replacing black shale. These horizons show increased (relative to background) concentrations in copper, zinc, and lead. However, it is the extreme enrichment in tin (389 ppm - against ~2.3 ppm crustal values) and tungsten (75 ppm - against ~1.25 ppm crustal values) that gives more clues into the nature of the mineralising fluids suggesting metal transport from a relatively proximal magmatic source. Assay results for the layered gabbro intrusion at the base of CADD001 and for all of CADD002, are awaited.

Regional geophysics:This survey represents the first geophysical coverage of any kind over Cascata, with interpretation identifying the location of prospective volcano-sedimentary units. The area of interest is extensive and short-term efforts will focus on identifying the limits of the newly identified layered gabbro intrusion, referred to as the 'Aurora Layered Intrusion'.

New Prospects

Pyramid: the most obvious magnetic features in the dataset are two very strong magnetic highs that persist for over 1km depth. Field observation and geophysical interpretation suggest they are magmatic intrusions (from a single feeder) hosted in sediments that have undergone significant alteration. Pyramid is regarded as a high-priority target to be drill- tested this year.

Quest: an interpreted mafic/ultramafic intrusion with potential to host precious and base metal mineralisation. Historic float samples around the intrusion returned "remarkable" chromium and nickel anomalism.

Qiterpiaaneq: a broad area covering ~15km2 interpreted to be a likely magma chamber and possible layered intrusion with potential to host PGEs, gold, and base metals.

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Crustal-ScaleStructures: trending NE-SW, likely associated with the break-up of the North Atlantic. Possible graben structures interpreted with a width of ~38km, extending NE-SW through the Ryberg Project area. The northern crustal-scale feature is proximal to Sortekap and is referred to as the Sortekap Fault.

Figure 1 Location map for Conico's Greenland Projects (blue) and granted licences operated by other explorers (orange).

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1. Introduction

1.1. 2021 Field Season Overview

Drilling occurred at the Miki, Sortekap and Cascata Prospects with the majority of assay results now received, and the balance awaited. The Company drilled 9 holes at Miki (MIDD001-MIDD009), 3 holes at Sortekap (SODD001-SODD003) and 2 holes at Cascata (CADD001-CADD002). This was accomplished using 3 x diamond drill rigs and a compliment of staff stationed onboard an accommodation vessel in J.C. Jacobsen Fjord.

In addition to drilling, the first regional geophysical survey to ever occur was flown via helicopter. The survey collected magnetic, radiometric and elevation data and was conducted at 200m line spacing in an E-W orientation (with N-S tie lines every 2,000m), except at the Miki and Sortekap Prospects where spacing was tightened to 100m (with N-S tie lines every 1,000m). Flight height was a nominal 25m and a total distance of 24,315 km was flown.

Figure 2 The NRG survey helicopter on the helipad at Ryberg.

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Figure 3 Prospects within the Ryberg Project area on top of recently acquired Total Magnetic Intensity.

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